Legal Disclaimer Europe

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No offer

None of the information contained in this website constitutes a solicitation or offer by Morgan Stanley or its affiliates (together “Morgan Stanley”) to buy or sell any securities, futures, options or other financial instruments or to participate in any other strategy. Pricing and other information generated through the use of data made available herein may not reflect actual prices or values that would be available in the market at the time provided or at the time that the user may want to purchase or sell a particular security or other instrument.

Selling Restrictions

No offering of the products described on this website, or possession or distribution of any offering material in relation thereto, is permitted in any jurisdiction unless in compliance with all applicable laws, regulations, codes, directives, orders and/or regulatory requirements, rules and guidance in force from time to time including, for the avoidance of doubt, the European Prospectus Directive (2003/71/EC) and any implementing measures and amendments thereto (including the Directive 2010/73/EU, to the extent implemented in the relevant member state of the European Economic Area) and Regulation S of the United States Securities Act 1933, as amended, (the “Securities Act). Any securities referred to on this website, or any offering material in relation thereto, will not have been registered under the Securities Act. The products described on this website may not be offered, sold, transferred or delivered directly or indirectly in the United States to, or for the account or benefit of, any U.S. Person (as defined in Regulation S under the Securities Act).

The information on this website is directed to those persons who are Market Counterparties or Intermediate Customers (as defined in the UK Financial Services Authority’s rules).

Offering circular or prospectus

An offering circular or prospectus (the “Offering Documents”) referring to a specific product will be available on this website. Potential investors should base any investment decision they make solely on the basis of information contained in the Offering Documents and should read the information contained therein carefully, in particular the description of risk factors associated with any structured products. The products described on this website have been issued by Morgan Stanley or third party issuers. All information on this website and the Offering Documents with respect to any third party entity not affiliated with Morgan Stanley has been provided by, and is the sole responsibility of, such third party and has not been independently verified by Morgan Stanley or any other independent third party and Morgan Stanley accepts no liability for such information.

No investment advice

Information made available on this website should not be considered as investment advice or any form of personal recommendation to purchase products described thereon. Users should consult their independent financial or other applicable advisor(s) before investing in the products described on this website.

Historical Performance

Past performance information contained on this website is not indicative of future results.

Indicative Prices

All prices or values are indicative only, and may vary significantly from executable prices or from prices obtained from elsewhere. Price and availability of the securities are subject to change without notice.


Information on this website is not a product of Morgan Stanley’s Research Department and you should not regard it as a research report.

Conflicts of interest

Morgan Stanley may from time to time take hedging positions, deal and/or make a market in instruments identical or economically related to transactions entered into with investors. Morgan Stanley may also have an investment banking or other commercial relationship with the issuer(s) of securities or other interests related to transactions entered into with investors. Further, Morgan Stanley may undertake activities, including hedging transactions, which may affect the market price, rate, index or other market factors and, consequently, the value of the transaction entered into with investors. Morgan Stanley may act in their own commercial interest in these various capacities without regard to whether its interests conflict with those of the investors or any other party.

Risk Factors

Investment in the products described in this website involves substantial risks. This section highlights a limited number of those risks but is not, and does not purport to be, a complete list of the risks inherent in an investment in any of the products described on this website. Investors should read the description of risk factors and investment considerations contained in the applicable Offering Documents carefully prior to making a decision to invest in a particular product.

     Structured products are predominantly high risk investments subject to general market risks, such as interest rate risk, foreign exchange risk, political risk, corporate risk and credit risk. 
     Fluctuations in the price of the relevant underlyings and exchange rates of any relevant currencies will affect the value of the products. 
     Structured products have a limited life and may expire worthless. As such, investors should be prepared to sustain a loss. 
     The market for structured products may be limited due to lack of liquidity or low trading volume. As such, investors may have difficulty in selling such products prior to maturity and may not be able to hedge the risks involved in them. 
     Investors are exposed to the credit risk of the issuer(s) of the structured products.

General Information

This website is comprised of various websites operated by Morgan Stanley or third parties. Certain sections of or pages on this website may contain separate terms and conditions, which are in addition to these Terms of Use. You should read those additional terms and conditions carefully. By accessing such sections or pages, you agree to be bound by those additional terms and conditions. In the event of a conflict, those additional terms and conditions will govern your use of those sections or pages.

Use of Website

Unauthorized use of Morgan Stanley's website and systems, including, but not limited to, unauthorized entry into Morgan Stanley's systems, misuse of passwords or misuse of any other information, is strictly prohibited. You may not use this website in any manner that could damage, disable, overburden, or impair any Morgan Stanley site or service or interfere with any other party's use and enjoyment of any Morgan Stanley site or service. You may not attempt to gain unauthorized access to any Morgan Stanley site or service, computer systems or networks connected to any Morgan Stanley site or service, through hacking, password mining or any other means. You agree that you will not engage in any activities related to this website that are contrary to applicable laws or regulations.

No warranty

The information, products and services on this website are provided on an "AS IS", "WHERE IS" and "WHERE AVAILABLE" basis. Although the information provided to you on this website is obtained or compiled from sources we believe to be reliable, Morgan Stanley cannot and does not guarantee the accuracy, validity, timeliness or completeness of any information or data made available to you for any particular purpose.

Changes to the website and the Terms of Use

Morgan Stanley reserves the right, in its sole discretion, without any obligation and without any notice requirement, to change, improve or correct the information, materials and descriptions on this website and to suspend and/or deny access to this website for scheduled or unscheduled maintenance, upgrades, improvements or corrections. Morgan Stanley may discontinue or change any product or service described in or offered on this website at any time. Morgan Stanley reserves the right to modify or amend these Terms of Use at any time.

Proprietary rights

All right, title and interest in this website and any content contained herein is the exclusive property of Morgan Stanley except as otherwise stated. Morgan Stanley, the Morgan Stanley logo and other Morgan Stanley trademarks and service marks referenced herein are trademarks and service marks of Morgan Stanley. If you copy or download any information or software from this website, you agree that you will not remove or obscure any copyright or other notices or legends contained in any such information. The names of other companies and third-party products or services mentioned herein may be the trademarks or service marks of their respective owners. You are prohibited from using any marks for any purpose including, but not limited to use as metatags on other pages or sites on the World Wide Web without the written permission of Morgan Stanley or such third party, which may own the marks.

Use of links

This website contains links to third party websites. These links are provided only as a convenience. The inclusion of any link is not and does not imply an affiliation, sponsorship, endorsement, approval, investigation, verification or monitoring by Morgan Stanley of any information contained in any third party website. In no event shall Morgan Stanley be responsible for the information contained on that site or your use of or inability to use such site. You should also be aware that the terms and conditions of such site and the site's privacy policy may be different from those applicable to your use of this website.

Privacy & Cookies

Morgan Stanley may process personal data as part of and/or in connection with your access and/or use of this web site. This includes using cookies and similar technology to collect information about your use of our web site and your preferences. 

To find out more information about how Morgan Stanley processes personal data, how we use cookies and how to reject cookies, see 
Our Privacy & Cookies Policy.

By accessing or using this web site you consent to Morgan Stanley processing personal data and using cookies as further detailed in 
Our Privacy & Cookies Policy. You acknowledge and agree that if you choose to reject our cookies, some or all parts of the web site may not function properly or may not be accessible.

Safety of communication

Communications over the Internet and by e-mail cannot be guaranteed to be secure. There is a risk that information contained within an e-mail communication and any attachment thereto, including potentially confidential information, may be intercepted, lost, destroyed or delayed in transmission. Although Morgan Stanley will use reasonable efforts to minimize such risk, it does not warrant that any communication or e-mail or any attachments thereto, that is sent out, will be free from viruses, worms or other harmful components.

Limitation of liability

Neither Morgan Stanley, nor any of its affiliates, directors, officers or employees, will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this website, or resulting from interception by third parties of any information or services made available to you via this website or the act or omission of any other party involved in making this website, the data contained herein or the products or services offered on this website available to you, or from any other cause relating to your access to, inability to access, or use of the website or these materials, whether or not the circumstances giving rise to such cause may have been within the control of Morgan Stanley. In no event will Morgan Stanley or any such parties be liable to you, whether in contract or tort, for any direct, special, indirect, consequential or incidental damages or any other damages of any kind even if Morgan Stanley or any other such party has been advised of the possibility thereof. This limitation on liability includes, but is not limited to, the transmission of any viruses which may infect a user's equipment, failure of mechanical or electronic equipment or communication lines, telephone or other interconnect problems (e.g., you cannot access your internet service provider), unauthorized access, theft, operator errors, strikes or other labor problems or any force majeure.

Governing law

These Terms of Use shall be governed by and construed in accordance with English law. The English courts shall have non-exclusive jurisdiction in respect of all claims and disputes arising out of or in connection with these Terms of Use.

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